THE Mass Transit Railway Corporation has asked the Government for a huge cash injection to help pay for the controversial $33.5 billion airport railway.
With the Sino-British row over airport financing still unresolved, the corporation has suggested the Government scraps the $12.5 billion callable equity provision that was part of the original railway financing plan and instead give it the extra cash needed to pay for the project.
It is hoped that by eliminating the need for callable equity, a key bone of contention in Sino-British financing talks, the railway project can get under way as soon as possible.
The director of the local branch of the New China News Agency, Mr Zhou Nan, is reported to have told Hongkong district board chairmen that China was willing to resume airport talks if Britain scrapped the need for callable equity.
Speaking after a meeting with the corporation's finance director, Mr Roger Moss, legislator Mr Albert Chan Wai-yip said the MTR had submitted the new funding proposal in its year-end financial report.
However, Mr Moss declined to offer details on how much more cash would be needed to pay for the rail link.
Mr Chan said he would meet the Secretary for the Treasury Mr Yeung Kai-yin today to gauge the administration's view on the proposal.